PSAC lowers 2018 Drilling Activity Forecast

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The number drops to 7400 from 7900 across Canada.

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PSAC President and CEO Tom Whalen said, “While our oilfield services sector is marginally busier than it was last year at this time, this hasn’t necessarily translated into financial bottom lines that signal business sustainability. In fact, we still have a number of services companies making staff reduction adjustments of 5-15 percent. This pales in comparison to the 40-60 percent staff reductions we saw mid-2015 to the end of 2016, but still a very telling sign that our services sector is far from healthy.”

Whalen added, “The improved WTI price shift into the mid to high $60’s is certainly a welcome sign for our industry. However, the disconnect and volatility of the differential between WTI and WCS pricing means that exploration and production (E&P) companies and Canadians are not benefiting to the same level as our ‘energy independent’ focused southern neighbour. It’s shameful that we continue to sell our oil to the U.S. at a steep discount to WTI, short-changing Canadians over $15 billion per year. The sooner we expand our customer base, the better off Canadians and quite frankly, the rest of the world will be.”